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Wall Street Today | Fed Staff Warn Chance of US Recession in Next Year is Now Near 50%

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Moomoo Recap US wrote a column · Nov 23, 2022 18:15
Wall Street Today | Fed Staff Warn Chance of US Recession in Next Year is Now Near 50%
MACRO
Fed Staff Warn Chance of US Recession in Next Year is Now Near 50%
Federal Reserve staff economists briefed policymakers this month that the chances of a US recession in the next year had risen to almost 50% on risks of slower consumer spending, global economic risks and further interest-rate hikes.
Most Fed Officials Seek to Slow Pace of Interest-Rate Hikes Soon
Fed officials concluded earlier this month that the central bank should soon moderate the pace of interest-rate increases to mitigate risks of overtightening, signaling they were leaning toward downshifting to a 50 basis-point hike in December.
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US Business Activity Contracts for a Fifth-Straight Month
The S&P Global flash November composite purchasing managers' index slid about 2 points to 46.3, the second-lowest level since the immediate aftermath of the pandemic, the group reported Wednesday. Readings below 50 indicate shrinking activity and the latest print was among the worst in data back to 2009.
SECTORS
EU Fails to Reach Agreement on G-7's Price Cap for Russian Oil
European diplomats clashed over the price to cap Russian global oil sales on Wednesday as the bloc failed to reach agreement on a Group of Seven nations mechanism intended to crimp Russian oil revenues. Discussions are expected to continue on Thursday.
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EU Nations Advance €43 Billion Plan to Become Semiconductor Hub
European Union nations agreed to pursue a €43 billion ($44.4 billion) plan to jump-start the bloc’s semiconductor production, clearing a key hurdle in its plan to bolster high-tech industry.
Cinema Stocks Jump on Report of Amazon's $1B-Plus Investment in Theatrical Releases
Cinema stocks jumped Wednesday alongside a report that $Amazon(AMZN.US)$ plans to spend $1B-plus annually to make movies it will release in theaters. $Cinemark(CNK.US)$ rose 12.6%; $National CineMedia(NCMI.US)$ rose 10.3%; $IMAX Corp(IMAX.US)$ jumped 9.2%; and $AMC Entertainment(AMC.US)$ spiked 4.3%.
COMPANY
Buffett Donates $758 Million in Berkshire Shares to Charity
Warren Buffett donated $Berkshire Hathaway-B(BRK.B.US)$ stock valued at more than $758 million to charities, including one named after his late wife.
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Google Looks to Shed 10,000 'Poor Performing' Workers: Report
$Alphabet-A(GOOGL.US)$'s Google is considering 10,000 layoffs — or 6% of its worldwide workforce — based on a ranking system that would eliminate the lowest-ranked "poor performing" employees, according to a report in The Information.
>>Read more
Tesla's Stock Slump Has Gone Too Far, Morgan Stanley Says
After losing nearly US$300 billion in market value in two months, a growing chorus of $Tesla(TSLA.US)$ analysts say the share-price decline has gone far enough, pushing the stock higher 7% on Wednesday. Morgan Stanley analyst Adam Jonas earlier said that Tesla is approaching his "bear case" price target of US$150, presenting an opportunity for investors to buy at a bargain price.
Source: Bloomberg, Dow Jones, CNBC, Yahoo Finance
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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